Infinity Equity Capital has led a $6 million round, in which it has invested $3.2 million, in Mate Intelligent Video. Other investors in the round include I-CSVC, Infinity’s Chinese partner, as well as existing Mate shareholders such as The Peleg Group. This marks the first investment by Infinity’s new Infinity Israel-China Fund.
Mate develops and sells advanced intelligent video surveillance, content analysis and transmission as well as management products for security, safety and retail applications. The security and safety products give real-time alerts based on information captured from security and safety cameras. The retail products provide data regarding consumer behavior.
Infinity has helped Mate to build relations that led to the signing of an agreement with one of China’s leading IT providers, which the fund said would be named in a future announcement. Under the agreement, the Chinese company will license Mate’s technology for use in China, adapt it to the needs of the Chinese market, and market it in China. Infinity also announced today its intention to invest $3 million in the Chinese company.
“The Infinity Israel-China Fund continues to capitalize on its positioning as the first foreign-invested LP/GP Fund in China," said Infinity managing partner Avishai Silvershatz. "Today’s announcement is an example of Infinity’s implementation of its proven strategy to invest in Israeli technology companies alongside investments in Chinese companies having synergistic market and execution capabilities."
Mate was founded in 1997. The company has its headquarters in Yehud, Israel with a subsidiary (Mate Inc) in Virginia, USA.
Published by Globes [online], Israel business news - www.globes.co.il - on February 27, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007